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The hardware will never see the schema VideoIQ://. The schema is used to specify the kind of service. Thus I think your hardware ships with software, which needs to be installed correctly. Normally the schema defines how the connection is made to 192.168.12.200, e.g. the port. But you're also specifing a port, so I guess it's time to rtfm.

Here is a snippet from the Manual which is what i'm using
I have the windows media player plug in installed, and it plays the video stream fine
The SDK project i'm using that plays this stream has a reference to AxWMPLib
The code which streams to windows media player is
axWindowsMediaPlayer1.Ctlcontrols.stop();
axWindowsMediaPlayer1.URL = videoUrl;
axWindowsMediaPlayer1.Ctlcontrols.play();

However, my requirement is that I need to intercept this video stream, and write to disk as MP4 which is the format the video is sent in (as a stream not a file)